(Watertown, SD) – The House of Representatives passed S. 2155 yesterday, which means it is on it’s way to President Trump to be signed into law. This bi-partisan supported bill contains policies which roll back key parts from the Dodd-Frank Wall Street Reform and Protection Act therefore providing regulatory relief to the community banks that serve the full needs of consumers, small business owners and farm families across our great state. S.2155 is relief for Main Street, not Wall Street!
S. 2155 is the result of a multi-year effort to create regulation that is tailored to the overall business model of community banks. It will promote sound mortgage lending by banks that hold mortgages in portfolio, cut red tape that prevents community banks from serving their customers, and create responsible, risk targeted oversight and examination of community banks. The impact on local economic growth will be powerful and quickly realized. Communities throughout South Dakota will see the benefits of this legislation for many years to come. South Dakota community banks will have a greater ability to meet the needs of consumers, small business owners, and farmers under the revised legislation.Thank you to the members of the Independent Community Bankers of South Dakota for your role in this monumental win, and thank you to the Independent Community Bankers of America (ICBA) for helping the Independent Community Bankers of South Dakota (ICBSD) deliver our message calling for positive change in overly restrictive regulation.
Community bankers from all corners of South Dakota were actively engaged in helping to push this legislation across the finish line. We had nearly 25 community bankers travel to Washington D. C. to meet with our South Dakota congressional delegation. Our bankers worked hard to secure congressional support of this critical legislation. Thank you to the over 300 community bank officers and directors from our independent community banks across South Dakota who took the time to send a direct communication to their Congressional Representative urging them to support the ICBA/ICBSD backed bill.
This initiative generated letters from over 10,000 bankers and directors from across the country who joined with their South Dakota colleagues and sent a communication to their Congressional Representative. This level of engagement is a big part of the reason we all can celebrate this important victory today.
As I reflect on the past year (my first year with the ICBSD), I could not be more proud and grateful to have the opportunity to be part of community banking. In the past year, we’ve seen major tax relief and now regulatory relief. This monumental win has re-ignited the economic power of our community banks, which will fuel future successes and ensure community banking remains GREAT!